证券研究报告 | 公司深度 2024年05月17日 安踏体育（02020.HK） 短期运营稳健，多品牌助力长期高质量增长 2023 年安踏体育营收/归母净利润同比增长 16.2%/35%至 624/102.36 亿元， 买入（维持） 2024Q1 安踏/Fila/其他品牌流水同比增长中单位数/高单位数/25%~30%，库存 股票信息 健康。我们判断公司各品牌以及集团稳健的业绩表现主要来源于公司优异的多品 牌协同管理能力，本次报告旨在对公司各品牌以及集团层面增长动力进行分析， 行业 服装 强调公司投资价值。 前次评级 买入 5月16日收盘价(港元) 90.20 安踏品牌：波动环境下业绩优异，期待长期可持续增长。2023 年安踏体育营收/ 总市值(百万港元) 255,502.64 经营利润同比增长 9.3%/13.6%至 303.06/67.3 亿元，2024Q1 尽管同期基数较 总股本(百万股) 2,832.62 高，安踏品牌 Q1 流水仍有中单位数的稳健增长表现，库存也处于健康状态。我 们认为当下的安踏品牌正在进入高质量增长阶段，通过渠道以及产品结构的优 其中自由流通股(%) 100.00 化，叠加高效的营销 ...

Summary of Conference Call Company and Industry - The conference call is focused on Anta Sports, a prominent player in the sportswear industry [1] Core Points and Arguments - The company welcomes investors and provides an overview of its performance and strategic direction [1] Other Important but Possibly Overlooked Content - The presentation includes a reference to a specific page, indicating detailed financial or operational data may be discussed later [1]

Investment Rating - The report maintains a "Strongly Recommend" rating for Anta Sports, reflecting confidence in its growth trajectory and market position [1][5] Core Views - Anta Sports achieved robust growth in 2023, with revenue reaching RMB 62.356 billion, a 16.2% YoY increase, and net profit attributable to the parent company (excluding joint venture losses) rising 44.9% to RMB 10.954 billion [1] - The company's multi-brand strategy continues to drive growth, with Anta, FILA, and other brands (DESCENTE and KOLON) contributing significantly to revenue and market expansion [1] - Anta Sports' 2024 Q1 performance showed steady growth, with Anta brand retail sales increasing by mid-single digits and FILA by high-single digits, while other brands grew 25-30% [1] Financial Performance - In 2023, Anta Sports' gross margin improved to 62.6%, up 2.4 percentage points, driven by DTC (Direct-to-Consumer) initiatives and improved retail discounts for FILA [1] - Operating profit margin rose to 24.6%, a 3.7 percentage point increase, reflecting strong cost control and operational leverage [1] - The company's joint ventures showed significant improvement, with EBITDA reaching RMB 3.745 billion, a 45.4% YoY increase, and expected gains of RMB 1.6 billion in 2024 due to the joint venture's listing [1] Multi-Brand Strategy - Anta brand revenue grew 9.3% YoY to RMB 30.306 billion, while FILA revenue increased 16.6% to RMB 25.103 billion, with notable growth in footwear and children's wear [1] - DESCENTE and KOLON achieved a 57.7% revenue growth, reaching RMB 6.947 billion, highlighting their role as new growth engines [1] - The company plans to maintain double-digit growth for Anta, achieve RMB 40-50 billion in FILA sales, and develop DESCENTE and KOLON into the third RMB 10 billion brand by 2026 [1] Market Position and Expansion - Anta Sports aims to become the market leader in China by 2025 and a global leader by 2030, leveraging its multi-brand strategy and market segmentation [1] - The company expanded its retail network, with Anta adult stores increasing to 7,053 (net addition of 129) and Anta Kids stores to 2,778 (net addition of 99) by the end of 2023 [1] Valuation and Forecast - The report forecasts Anta Sports' net profit for 2023-2025 to be RMB 12.85 billion, RMB 13.373 billion, and RMB 15.152 billion, respectively, with a current PE ratio of 19.7x, 18.9x, and 16.7x [5] - The company's EPS is expected to grow from RMB 2.68 in 2023 to RMB 5.35 in 2026, reflecting strong earnings potential [7]

%% research.95579.com %% 丨证券研究报告丨 港股研究丨公司点评丨安踏体育（ ） 2020.HK [表Ta现b符le_合T预itle期] ，全年增长可期 报告要点 [公Ta司bl发e_布Su2m0m24aQry1] 零售数据，安踏/FILA/其他品牌流水分别同比增长中单位数/高单位数/25%- 30%，流水表现符合预期。 ...

Investment Rating - The report initiates coverage with a "Buy" rating for Amer Sports, highlighting its future growth potential [4]. Core Insights - Amer Sports is positioned as a leading global multi-brand operator in the sports and outdoor sector, with a strong portfolio including brands like Arc'teryx, Salomon, and Wilson. The company has shown significant revenue growth, with a 23% year-on-year increase in 2023, reaching $4.4 billion [2][4]. - The report emphasizes the company's robust channel and product operation capabilities, particularly under the Direct-to-Consumer (DTC) model, which has led to improved profitability and revenue growth [4][23]. - Amer Sports is expected to leverage Anta's distribution advantages to accelerate its penetration into the Chinese market, where outdoor sports apparel is experiencing rapid growth [3][4]. Summary by Sections Company Overview - Amer Sports operates multiple well-known brands across various sports categories, including professional sports, outdoor activities, and ball sports. The company has expanded its brand matrix through acquisitions and is now a leading player in the global market [2][6]. Industry Context - The outdoor sports apparel market in China is growing rapidly, with a CAGR of approximately 20% over the past three years. Amer Sports has been increasing its presence in this market since its acquisition by Anta in 2019, with significant growth in the Greater China region [3][4]. Financial Performance - In 2023, Amer Sports reported revenues of $4.368 billion, a 23.1% increase year-on-year, and an adjusted EBITDA of $611 million, reflecting a 34.8% growth from the previous year. The company has improved its net loss position, narrowing it by 17.6% compared to 2022 [9][10]. - The report forecasts revenue growth for 2024-2026, with expected revenues of $70.9 billion, $79.6 billion, and $88.4 billion, respectively, indicating a positive growth trajectory [4][11]. Growth Drivers - The company is expected to achieve double-digit revenue growth in 2024, driven by strong brand positioning, product innovation, and effective channel strategies. The anticipated earnings per share for 2024 is projected to be between $0.30 and $0.40 [20][21]. - Amer Sports is focusing on enhancing its operational efficiency and profitability through strategic initiatives, including optimizing its debt structure following its IPO [10][11]. Market Positioning - Amer Sports has a diversified product portfolio and a strong brand presence across various regions, with 40% of its revenue coming from the Americas and 33% from Europe, the Middle East, and Africa [2][18]. - The company is committed to innovation and sustainability, continuously investing in research and development to meet evolving consumer demands [15][17].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The company has shown steady revenue growth across its brands in Q1 2024, with Anta brand and Fila experiencing mid-single-digit and high-single-digit growth respectively, while other brands grew by 25%-30% [3]. - The collaboration with star athlete Kyrie Irving has significantly enhanced the brand's global influence, with the launch of the "Anta Kyrie 1" sneaker receiving a strong market response [3]. - The introduction of innovative retail formats, such as the "ANTA SNEAKERVERSE" store, aims to attract younger consumers and enhance brand engagement [3]. - The company is projected to achieve net profits of 13.38 billion and 13.55 billion yuan in 2024 and 2025 respectively, with a PE valuation range of 20-23X for 2024, translating to a target price of 102.70-118.11 HKD per share [3]. Financial Performance and Forecast - Revenue is expected to grow from 62.36 billion in 2023 to 70.20 billion in 2024, reflecting a year-on-year growth of 12.6% [4]. - Net profit is forecasted to increase from 10.24 billion in 2023 to 13.38 billion in 2024, representing a year-on-year growth of 30.7% [4]. - The gross margin is projected to remain stable at around 62.5% from 2024 onwards [4]. - The return on equity is expected to be 23.0% in 2024, slightly decreasing to 20.9% by 2025 [4]. Comparative Valuation - The company is compared with peers such as Li Ning, Nike, Adidas, and Lululemon, with an average PE ratio of 22.90 for 2024 [5]. - The valuation metrics indicate that the company is positioned competitively within the industry, with a focus on maintaining strong growth and profitability [5].

[Table_Page] 公告点评|耐用消费品与服装 证券研究报告 [【Table_T广itle] 发 纺 服 & 海 外 】 安 踏 体 育 [公Tab司le_I评nves级t] 买入 当前价格 83.80港元 （02020.HK） 合理价值 91.61港元 前次评级 买入 Q1 流水稳健增长，库存及折扣均有改善 报告日期 2024-04-22 [Table_Summary] 核心观点： [相Tab对le_P市icQ场uote表] 现 ⚫ 公司发布24Q1营运公告：安踏主品牌流水同增中单位数，FILA流水 2% 同增高单位数、所有其他品牌同增20%-30%，符合预期。 -5%04/23 06/23 08/23 10/23 12/23 02/24 04/24 -12% ⚫ 安踏主品牌折扣及库销比均有改善，维稳拓新策略值得期待。根据业 -18% 绩会，电商渠道驱动安踏主品牌稳健增长，24Q1电商流水同增20%- -25% 25%。此外，24Q1主品牌线上折扣有所改善，库销比为低于5的健康 -32% 安踏体育 恒生指数 水平，环比有所改善。我们认为，安踏主品牌签约NBA篮球明星欧文 为篮球品类代言人、高线城市新业 ...

Table_BaseInfo 2024 年 4 月 19 日 公司动态分析 安踏体育（2020.HK） 证券研究报告 运动鞋服 Q1 流水稳健增长，多品牌发展符合预期 投资评级： xx 买入 xx 事件：安踏体育公布24Q1流水情况，其中安踏主品牌同比录得中单位数增长； FILA 同比录得高单位数增长；其他品牌同比录得 25-30%增长。主品牌和 FILA 目标价格： 120 港元 流水表现符合预期，其他品牌表现超预期。我们预测2024-2026年EPS为4.26/ 现价(2024-4-18)： 84.95港元 4.88/5.46元，给予2024年26倍PE，目标价120港元，维持“买入”评级。 报告摘要 安踏主品牌：24Q1 在高基数背景下仍同比实现中单位数增长，符合公司预期。 总市值(百万港元) 240,631.37 250,467.00 流通市值(百万港元) 240,631.37 250,467.00 年初两月目标完成率为 100%，3 月下半月超额完成预期目标，目标完成率达 总股本(百万股) 2,832.62 2,714.00 120%。库存维持良好，库销比小于 5，环比改善，整体折扣维持在 75-8 ...

港股公司报告 | 公司点评 安踏体育（02020） 证券研究报告 2024年04月 20日 投资评级 零售向上，成长提质 行业 非必需性消费/纺织及 服饰 公司披露24Q1零售表现 6个月评级 买入（维持评级） 当前价格 83.8港元 安踏品牌零售金额（线上+线下，下同）同比增长中单，Fila品牌同比增长 目标价格 港元 高单，所有其他品牌同比增长25-30%。 安踏围绕“大众定位、专业突破、品牌向上”，在品牌、商品上深入变革 基本数据 港股总股本(百万股) 2,832.62 近期安踏与东丽中国面料创新基地（TSD、PTHL）就联合深度研发达成合 作。近年来，多家全球顶级合作伙伴陆续加入安踏全球开放式创新生态网 港股总市值(百万港元) 237,373.85 络平台，围绕运动鞋服新材料研发、面料技术开发、智能制造技术方向， 每股净资产(港元) 20.06 已取得了以高性能防水透湿材料“安踏膜”、引入徐卫林院士科研成果 “嵌 资产负债率(%) 39.27 入纺”技术的“柔心纱”等为代表的联合创新成果，重新定义行业标准和 一 年内最高/最低(港元) 101.30/60.20 消费者体验，并完成市场转化。 作者 安踏 ...

智通财经APP获悉，小摩发布研究报告称，维持安踏体育(02020)“增持”评级，是中国运动服饰板块首选股，目标价144港元。公司发布2024年1季度最新运营数据，安踏品牌/斐乐品牌零售额同比增长中单位数/高单位数(符合预期，并达到预期区间(低到中单位数/中到高单位数)的高端)，其他品牌零售额增长25-30%(超过约20%的预期增幅)。 报告中称，2024年1季度安踏品牌/斐乐品牌符合预期;其他品牌超预期。安踏品牌2024年1季度零售额同比增长中单位数，增长势头从3月中旬开始加速。分渠道看，线上业务增长20-25%，并跑赢线下业务。库存水平进一步下降至5个月以下;线下业务折扣率持平，线上业务折扣率收窄。斐乐品牌2024年1季度零售额同比增长高单位数，斐乐成人表现优于其他斐乐业务板块，原因是斐乐成人优化了门店布局和强化了产品，而斐乐儿童/Fusion正在进行门店更新(2023年净关门店约10%)。分渠道看，线上业务在高基数基础上(2023年1季度增长约40%)保持增长势头，同比增幅为25-30%。库存也保持在5个月以下的健康水平，线上/线下业务折扣率分别收窄3个/1个百分点。其他品牌保持25-30%的稳健增长，其 ...